Right I'm home and have the new booklet to hand.
@Brendan Burgess some of these are directly relevant to tracker mortgage customers so let me know if you want me to repost/post this elsewhere.
Noting that previously the interest rate was altered within 10 days of the tracker rate being altered. Now they will apply from the first of the following calendar month. Interest is calculated on the Mortgage Balance on a daily basis. This will give Ulster Bank further days at the previous interest rate before applying a tracker. On average I think as much as 15 days per month on all tracker mortgages. Not an issue at the moment due to low interest rates but advantageous when rates are at their peak. Swings and roundabouts.
Part A
16 Interest Rate...
(b) (ii) The Borrower on the expiry of the Fixed Rate Period may, by prior notice in writing to the Lender, opt to choose a further fixed rate of interest for a certain period if such an option is made available by the Lender and on terms and conditions as may be specified by the Lender. Where such an option is not made available by the Lender or, if available, where the Borrower fails to exercise the option, the interest rate applicable will be the standard variable rate of interest which may be increased or decreased by the Lender at any time, and in this respect, the decision of the Lender will be final and conclusively binding on the Borrower;
Note: Previously the prevailing home loan mortgage rate as per the letter of offer applied, no?
Part B
25 No Liability for Loss
The Lender will not be liable to the Borrower for any loss of any description the Borrower may suffer if the Lender fails to perform any of its obligations under these Terms and Conditions as a direct or indirect result of anything outside of the Lender's reasonable control. This includes but is not limited to industrial dispute, failure or fluctuation of power or telecommunications supplies or any equipment or error in any software, error or lack of clarity in the Borrower's instructions, failure or delay in the supply of services to us by a third party. The Lender will not under any circumstances whatsoever by liable for any indirect losses or losses of profit.
Note: The comment on equipment or error of software.
37 Mistakes and Miscalculations
(a) The Lender's Security shall not be prejudicially affected by any error or omission contained in any statement or information made or supplied by the Lender to the Borrower during the subsistencer of the Mortgage or after its discharge.
(b) The execution and delivery by the Lender of a statutory receipt or instrument of discharge in respect of the Mortgage shall not discharge the Borrower from personal liability if it is subsequently found that on redemption the amount of the Mortgage Balance was under calculated or understated by mistake.
In the letter that we received we were informed that when the new mortgage account number was issued to us in June, that we would receive a revised mortgage statement reflecting our new account number. It will apparently be clearer and easier to read. Mortgage statements will now be issued on the anniversary of the date they were withdrawn, not January annually from this point forward.
As it happens my mortgage was drawn in June. I will receive a new statement in June and then none for a further year. This gives rise to concerns that I won't receive redress on the tracker mortgage issue until next June. I had (cynically) expected it to happen in December/January before the annual statements were issued.